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Total Federally-collected Revenue Stands at N2, 425bn in Q1

26 May 2013

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Festus  Akanbi

The Central Bank of Nigeria (CBN) has put the value of the total federally-collected revenue at N2, 425.3 billion in the first quarter of the year, representing a decline of 2.4 and 17.9 per cent from the receipts in the preceding quarter and corresponding quarter of 2012, respectively.

The apex bank, which reeled out the data in its Economic Report for the First quarter 2013, released last week, also disclosed that at N1, 849.5billion, oil receipts, which constituted 76.3per cent of the total, exceeded both the budget estimate and receipts in the preceding quarter by 15.5 and 1.4 per cent, respectively, but declined by 22.2 per cent below the receipts in the corresponding period of 2012.

The increase in oil receipts relative to the preceding period was attributed, largely, to the rise in the receipts from crude oil/gas exports and domestic crude oil/ gas sales and “other” oil revenue during the review period.

According to the quarterly report, non - oil receipts at N575.8 billion was below the budget estimate and receipts in the preceding quarter by 23.3 and 12.8 per cent respectively.

“Federal Government retained revenue was N908.1 billion, while total expenditure was N1, 192.9 billion. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N284.8 billion or 2.9 per cent of estimated nominal GDP for first quarter 2013, compared with the quarterly budgeted deficit and the preceding quarter’s deficits of N276.1billion and N76.9 billion, respectively,” the  report stated.

It listed major agricultural activities during the review period to include harvesting of tree crops; tending of irrigation -fed vegetable and clearing of land for the 2013 wet season farming.

“Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 2.05million barrels per day (mbd) or 184.50 million barrels for the quarter. Crude oil export stood a t 1.60mbd or 144.0 million barrels for the quarter, while deliveries to the refineries for domestic consumption remained at 0.45 mbd or 40.50 million barrels. The average price of Nigeria’s reference crude, the Bonny Light (370API), estimated at US $115.34per barrel, rose by 2.3per cent over the level in the preceding quarter.

“The end period headline inflation rate (year -on -year) was 8.6percent, compared with 12.0 and 12.1 per cent recorded at the end of the preceding quarter and the corresponding quarter of 2012, respectively. Inflation rate on a twelve-month moving average basis was 11.4 per cent, compared with 12.2 and 10.9 per cent in the preceding quarter and the corresponding quarter of 2012, respectively,” the report said.

It stated further that foreign exchange inflow and outflow through the Central Bank of Nigeria (CBN) amounted to $10.50billion and $6.44billion, respectively, resulting in a net inflow of $4.06billion during the quarter.

Also in the report, foreign exchange sales by the CBN to the authorised dealers were valued at $4.65 billion, compared with $4.27 billion in the preceding quarter. The average exchange rate of the naira vis-à-vis the US dollar at the wDAS window appreciated marginally by 0.01 and 0.1per cent to N157.30 per US dollar relative to its levels at the end of the preceding quarter and corresponding period of 2012.  In the bureau -de-change segment of the market, the naira traded at an average of N159.18per US dollar, compared with N159.19per US dollar in the preceding quarter.

The report listed the major agricultural activities during the review period to include harvesting of tree crops; tending of irrigation -fed vegetable and clearing of land for the 2013 wet season farming. Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 2. 05 million barrels per day (mbd) or 184. 50 million barrels for the quarter.

According to the report, crude oil export stood a t 1.60mbd or 144.0million barrels for the quarter, while deliveries to the refineries for domestic consumption remained at 0.4 5 mbd or 40.50million barrels.
The average price of Nigeria’s reference crude, the Bonny Light (370API), estimated at $1 15.34per barrel, rose by 2.3percent over the level in the preceding quarter.

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